Anawil Wire and Engineering Limited has received a domestic order worth ₹58.32 crore, including goods and services tax (GST), to supply 10 steel wind turbine towers. The company disclosed the order to the National Stock Exchange on 29 October 2026 and expects to complete it by the first quarter of FY 2027-28. The towers have a 140-metre hub height and are designed for 5 MW wind turbine generators. The order is larger in scope than conversion work because Anawil will also buy the steel.
Key Details of the Order
The exact value in the stock exchange filing is ₹58,32,42,345, inclusive of GST. The filing lists these terms:
- Scope: integrated supply under Model 3, covering material procurement (steel plates and internal kit) and tower manufacturing
- Quantity: 10 steel towers, each made up of six tubular sections
- Design: 140-metre hub height, for EN-182 5 MW wind turbine generators
- Weight: about 474 tonnes, as stated in the filing
- Customer type: a domestic entity, in a one-time order
- Completion: expected by Q1 FY 2027-28
The company marked the customer’s name as confidential. It stated that its promoters have no interest in the awarding entity and that the order is not a related-party transaction. It has not disclosed the pre-tax value, the project site, the delivery destinations, the payment terms or the order margin. The total works out to about ₹5.83 crore per tower including tax, though the filing gives no price for each unit. The filing describes tower supply and does not mention installation of any linked turbine.
What Integrated Supply Means for Anawil
Anawil described three business models at an investor conference held on 30 September 2026. Under pure conversion, it manufactures towers from material the customer supplies. Conversion plus internals adds selected internals and paint. Integrated supply includes the procurement of raw materials and other components.
The models differ in both revenue and margin. The company gave realisation per tower of about ₹50-60 lakh for pure conversion, ₹1.0-1.1 crore for conversion plus internals and ₹3.0-3.5 crore for integrated supply. Its stated margin on earnings before interest, tax, depreciation and amortisation (EBITDA) runs the other way, at about 44%-50%, 33%-37% and 14%-16% respectively. Anawil attributes the lower integrated figure to material cost being counted in revenue. It said EBITDA per tower rose from about ₹22 lakh in FY25 to ₹29 lakh in FY26, and it prefers that measure to margin alone.
On a tower-count basis, management said its order book was about 20% integrated supply, against about 45-50% pure conversion. It described a gradual increase in its participation in the higher-value models.
Market Backdrop
Anawil’s investor presentation of August 2026 sets out the market it serves. It puts India’s installed wind capacity at 48.36 GW as of January 2025, and it refers to 42.56 GW of incremental capacity to reach a 100 GW target by FY 2030. The company estimates that this represents a future market of more than 12,500 towers. These are the company’s own estimates. The presentation also cites the Ministry of New and Renewable Energy’s target of 500 GW of non-fossil electricity generation.
Transport shapes the business too. Anawil told investors that oversized towers carry high transportation cost and logistical complexity, which makes proximity to wind project regions an advantage. It also said wind tower execution is seasonally skewed, because the monsoon affects transport, site access and installation. About 70% of its FY26 revenue came between October and March.
About Anawil
Anawil was established as a private company in January 2021 and became a public limited company under its current name in March 2025, according to a Crisil Ratings rationale filed with the exchange. It describes itself as a manufacturer of tubular wind turbine towers for the onshore sector, serving turbine makers and renewable energy companies. Nimish Kumar Rameshchandra Vashi is Chairman and Managing Director.
The company has plants at Koppal in Karnataka and Kutch in Gujarat, with combined annual capacity of 612 towers and the ability to make customised towers of up to 140 metres. Kutch became operational in March 2026, and client approval and certification were still under way at the 30 September 2026 conference. Anawil produced 210 towers in FY26 at about 48.2% capacity utilisation, on revenue of ₹143.27 crore, according to its presentation.
The Company’s Recent Pipeline
Anawil’s 2026 filings show these milestones. The September order is a separate contract with different towers, so its value should not be added to the March order book without an updated company figure.
- March 2026: Held an order book of ₹359.82 crore covering 379 towers across six customers, as of 31 March 2026.
- March 2026: Started operations at the Kutch facility.
- August 2026: Crisil Ratings upgraded its bank facilities to Crisil BBB/Stable/Crisil A3+, citing the ₹142.69 crore initial public offering.
- September 2026: Secured its largest order by value, ₹133.98 crore excluding GST and ₹140.68 crore including GST, for 38 EN-156/3.3 MW towers for a firm and dispatchable renewable energy (FDRE) wind project in Andhra Pradesh, due by Q4 2026-27.
Outlook
The next milestone is completion of the 10 towers within the stated quarter, for which no production schedule has been published. Investors will also watch for an updated order book that includes the September and October contracts. Client approvals at Kutch are the next step for that plant, and management has said its focus is on improving capacity utilisation. Any later naming of the customer would be a further disclosure.
Official Sources
- Anawil Wire and Engineering Limited – Regulation 30 intimation: Receipt of Order (NSE, 29 October 2026): https://nsearchives.nseindia.com/corporate/ANAWIL_29102026161648_NSE_INTIMATION.pdf
- Anawil Wire and Engineering Limited – Press release: Secures Largest-Ever Rs 133.98 Cr Order (NSE, 10 September 2026): https://nsearchives.nseindia.com/corporate/ANAWIL_10092026101218_NSE_Press_release_signed.pdf
- Anawil Wire and Engineering Limited – Outcome of investor conference (NSE, 5 October 2026): https://nsearchives.nseindia.com/corporate/ANAWIL_05102026203154_Outcome_of_the_meet.pdf
- Anawil Wire and Engineering Limited – Corporate presentation (NSE, 10 August 2026): https://nsearchives.nseindia.com/corporate/ANAWIL_10082026102321_ANAWIL_PPT.pdf
- Crisil Ratings – Rating rationale, Anawil Wire and Engineering Ltd (NSE, 21 August 2026): https://nsearchives.nseindia.com/corporate/ANAWIL_21082026125904_Final_RR__Anawil_Wire_and_Engineering_Ltd.pdf
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